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NIFTY 29 NOV 2021 : Will it break 17000 so easily? Resistance is at 100 EMA which is at 17145.

 


Good morning friends, 

It was a sell off and a panic selling too. Eventually it broke 100 EMA with ease. Now, question is will it break 17000 levels in that ease?

Fine, as per charts are concern, 16890-16800 is the level to be tested but it seems we are going to get gap up as indicated by SGX nifty. 

In that case 17145 which is 100 EMA will act as threshold point. Definitely, I will not short this market without bounce. It is likely to test 17250-17300-17350 levels if this can manage to stay above 17150 levels. 

If break 17000, in an hour it can hit 16890-16800. 

Happy Trading. 

I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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